Minimum payment to double on credit cards

[rogerwa]

Re: Minimum payment to double on credit cards

I also was not taught at home and when I got married, my wife was not too thrilled to find I had financed our honeymoon and the cash we used (my contribution to our wedding) on a credit card. She taught me a lot and being around her father was a good role model. I also brought student loans into our marriage which she was also horrified by.<br /><br />I am pretty savvy now and we take very great care to teach our kids the value of money.

 

[rolmops]

Re: Minimum payment to double on credit cards

Originally posted by Drowned Rat:<br /> Just curious. If you pay off your credit cards every month, why do you need 5 or 6 cards!?! Are you spending like $50,000 a month on the cards or what? <br />

I have three children in college. 2 of them study abroad and since I promised to pay for their schooling I need a way to get the money they need to them when they need it.So there you have it.These credit cards work on ATMs anywhere in the world.My 1 son and 2 daughters are all very responsible,they do not waste any money,but in a bind,they don't have to worry

 

[txswinner]

Re: Minimum payment to double on credit cards

Now that credit cards can not be charged off in Bankruptcy, I feel the max. rates should be cut in 1/2. 10% max. seems quite reasonable for a debt that can not be dismissed even in the most horrible circumstances.

 

[LubeDude]

Re: Minimum payment to double on credit cards

Originally posted by rolmops:<br /> I have about 6 credit cards,all at about 6% interest.They have yet to see one cent in interest payments because I always pay my cards off every month.It does however give me an instant $20.000 credit line in a pinch.(I hope I will never need it)

I only have two, a Discover and a Visa, we always pay them off every month. I like having the credit line also. I have in the past, (Several times), used it to by a vehicle that needs repairs and then fixed and wholesaled the vehicle in time to pay the bill when it came. I love using someone elses money.

 

[Kalian]

Re: Minimum payment to double on credit cards

When I lived in Va I had a small retail business for about a year. I used a discover card to pay for all the goods, and paid it off every month. They had a cash back program, I think it was around 2% cash back. I made a little bit of money off them before they finaly got wise! I later shut down the business because it was taking too much time from my family, and not making much profit.

 

[pjc]

Re: Minimum payment to double on credit cards

fine.....posting for #...SWMBO at the mall running up CC debt.....

 

[JasonJ]

Re: Minimum payment to double on credit cards

I think it is no coincedance that this is happening right after they changed the bankruptcy laws to make it much more difficult to file bankruptcy. I myself don't care, I usually try to pay more than the minimum anyway, and in the end it is better to force us to pay more to get rid of those things faster.

 

[KRS]

Re: Minimum payment to double on credit cards

I'm afraid that I won't qualify for any better cards/companies to get a better rate, as my card utilization is already very high, and if I try too much I'll end up damaging my credit score.<br /><br />Other than paying more, I don't know what I can do. My home doesn't have the equity. Our written budget (which allows for no extras, no savings, and no leeway in case of an unexpected surprise such as a blown tire) when balanced against my income, we only have a $40 monthly surplus.... I think that's a pretty tight margin.

 

[KRS]

Re: Minimum payment to double on credit cards

Also, 2 months ago we canceled dish network (actually, they agreed to reduce our service to only local channels for $5.00 monthly, for as long as we want), took our cellphones down the the minimum (otherwise pay $200 cancel fee for each), reduced our internet to minimum, canceled water service (it's common in AZ to have 5 gal water bottles delivered to home), etc. We've made every cut we can, just to skate by.

 

[Kalian]

Re: Minimum payment to double on credit cards

Have you talked to any banks about a debt consolidation loan? They might have something that doesn't require equity or collateral(sp). I think there are some companies out there that will help you restructure your debt without any negative reports going on your credit. I may be wrong though. I think I recal something about a non-profit group. I'll let you know if I can find out anything else.

 

[Kalian]

Re: Minimum payment to double on credit cards

Here is a link that may help. <br /><br /> http://www.nfcc.org/ <br /><br /> I got it from here. There may be useful info here too. This seems to be legitamate, just be wary, and make sure everything is on the up and up. It may be that there isn't anything else you can do. It seems like you've done everything you could.<br /><br /> http://www.atg.wa.gov/consumer/credit.shtml <br /><br />Good luck!

 

[jtexas]

Re: Minimum payment to double on credit cards

az, most municipalities have employee credit unions, and CU's are usually good to refinance cc debt, especially if you close the accounts.<br /><br />We tried one a those credit counseling agency's once, problem is a lot of cc banks won't work with 'em.<br /><br />You may have to deal with each cc bank individually. If the min pmt gets higher than you can make, it'll snowball on ya: late or less than min pmt a couple months, they jack the interest rate up plus add $25 or $30 late fees...pretty soon your balance exceeds your limit so they tack another $30/month charge. <br /><br />Don't know how a change in the law will work, but usually a bank can't change a cc agreement unilaterally...if you don't agree to the change, you get to keep the same terms you have now, but without any further borrowing.<br /><br />Good luck.

 

[TAV MAN]

Re: Minimum payment to double on credit cards

HI I'M NEW TO TO IBOAT. I HOPE EVERYONE WILL LET ME PUT MY .02 IN. I TO WAS IN THE SAME BOAT AS NEVMANNS & AZ AND I THOUGHT THAT WOULD NOT CHEAT ANYONE OUT OF THEIR MONEY. SO I SAY FROM EXPRIENCE. STOP USEING THE CARDS AND PAY THEM OFF LERN TO USE THEM LIKE SOME SAY TO USE THEM. BECAUSE ONE DAY SOMETHING IN YOUR LIFE LIKE HELTH INSURANCE WILL MAKE YOU CHANGE YOUR MINE WHEN YOU HAVE MORE COPAY TO MAKE THEN YOU CAN PAY OUT FOR ALL YOUR CC PAYMENT. THEN YOU WILL HAVE GO BK IF YOU CAN AND THAT IS NOT A GOOD FEELING. THAT WAS THE ONLY TIME THE CC COMPANY WOULD WORK WITH ME AND BY THAT TIME IT WAS TO LATE.SO I CAN LERN FROM SOME OF THESE FOLKES HERE

 

[one more cast]

Re: Minimum payment to double on credit cards

Welcome TVA MAN but please don't type with Capitol letters. It means your shouting.

 

[KRS]

Re: Minimum payment to double on credit cards

Found a reputable home lender that will go 125% on the house, will payoff all but $9,000 of the debt, with my bonus we will only owe about $7,000 total outside of 1st mortgage, 2nd mortgage, and car payment ($245 month for '00 Jeep Grand Cherokee).<br /><br />We won't be too much ahead monthly, but it will stop the snowballing balances we've had, the rate is fixed, and we can pay extra at any time without penalty.<br /><br />Just thought someone would like to know.

 

[Kenneth Brown]

Re: Minimum payment to double on credit cards

I don't know if this is all true or not. I have recieved in the last week 2 notices from my CC's. One of them is going up to 2.5% and the other is going to 3%. Watcha think?

 

[DJ]

Re: Minimum payment to double on credit cards

Drowned Rat,<br /><br />I have several cards because.<br /><br />1. Two of them pay me back, a small percentage of what I purchased.<br /><br />2. Not one card is accepted everywhere. I travel--ALLOT.

 

[txswinner]

Re: Minimum payment to double on credit cards

CC are no longer unsecured and therefore entitled to higher interest. It is the American Eco system the greater the risk the greater the reward. Now they are almost 0% risk and as such should get into that class of reward. Homes are low risk. High home loan 7%. Cars are mid-risk because of depreciation 8-13% risk. No way CC should be permitted to keep the unrealistic high percentage rates. <br /><br />This is not my battle as I am fortunate to have 0 debt on cards. Used once for $25,000 in medical bills and lost most of what little I owned back then paying them off.<br /><br />However, many folks working with my company are deep for many reasons but are good folks and would pay off over time if they could. Can't do at 19%.<br /><br />I wish the government would step in an do only what has been required in past and regulate the rates down.

 

[DJ]

Re: Minimum payment to double on credit cards

Credit cards are extremely high risk. <br /><br />Not entirely at the fault of the consumer. Many cards were issued, by CC companies to people that should not have qualified and, in many cases did NOT.. But, they got cards anyway. Now the "hooks" are in.<br /><br />It still boils down to personal responsibility. <br />The credit card is nothing new, it's the same as the good old personal loan, from a bank. Just one heck of allot easier to access. The CC requires a "card swipe", the personal loan requires an actual trip to the bank. We can't have any of that.

 

[Kalian]

Re: Minimum payment to double on credit cards

Way to go AZ!<br />Pay em off and cancel all but one. I went through h@ll when I had my problems. I hope you can get past this easily.